ABSTRACT
Fraud is an unremitting problem for the industry. In response to the growing insurance fraud threat companies undertake a range of counter-fraud activities, from insurance company in-house teams to outsourcing firms specializing in insurance fraud investigation and data analytics, many of whom are members of bodies dedicated to countering insurance fraud, such as the Insurance Fraud Investigators Group (IFIG). The Insurance Fraud Bureau (IFB), launched in mid-2006, is an industry-funded agency dedicated to tackling serious and organized cross-industry insurance fraud using highly sophisticated intelligence systems as the bedrock for its detection model. While the construction and performance of an insurance contract is governed by English civil law, there is a substantial overlap with criminal law when it comes to fraud. As learnt earlier, first notification of loss (FNOL) is an abbreviation of First Notification of Loss, which is when a claim is first intimated to an insurer or its agent(s).
